What Will Be the Impact of Relaxed U.S.-Cuba Restrictions?
On January 15, 2015, the U.S. Treasury and Commerce departments released revised regulations that reduced U.S. restrictions on travel and business with Cuba. This featured Q&A article examines the effect the new regulations will have on relations between the U.S. and Cuba, as well as on individuals and businesses. Cuba Action Team Members Jonathan Epstein and Thomas Morante weigh in on the subject.
"The new Cuba regulations represent a significant policy shift, even if the scope and immediate impact on U.S. businesses may be relatively limited. The biggest initial impact will likely be on the U.S. travel industry, as removing the need to apply for special licenses for certain authorized travel to Cuba and the removal of daily spending limits should dramatically increase the number of people-to-people exchanges and other authorized trips to Cuba," explained Mr. Morante and Mr. Epstein to Inter-American Dialogue Financial Services Advisor.